Mortgage Paper definition

Mortgage Paper with respect to each Mortgage Loan, the Mortgage Note, the Mortgage, any guaranty agreements, and all other documents, instruments and agreements relating to such Mortgage Loan, including, without limitation, the loan policy of title insurance and the appraisal relating to such Mortgage Loan.
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Mortgage Paper with respect to each Mortgage Loan, shall at a minimum be the Mortgage Note, the Mortgage, a guaranty agreement (each a “Mortgage Guaranty”), environmental indemnity agreement executed by the Mortgage Loan Obligor and the guarantor of the Mortgage Loan, if any (each a “Mortgage Environmental Indemnity”), the loan policy of title insurance (each a “Mortgage Policy”), the appraisal, the budget, and the plans for the Lot Development if the Mortgage Loan is a Lot Development Loan, all of such documents being subject to Bank’s review and approval (in its sole and absolute discretion) and all other documents, instruments and agreements relating to such Mortgage Loan.
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Examples of Mortgage Paper in a sentence

  • Upon the occurrence of an Event of Default Bank will have the ability to take over and control all servicing rights for the Mortgage Paper pledged to Bank.

  • The Mortgage Paper mentioned herein secures and enforces the payment of the Obligations including but not limited to all sums advanced by Bank to Borrower pursuant to the Note.

  • Bank itself may at any time after the termination of Borrower’s license to collect payments due under any Mortgage Paper pledged to Bank, so notify the account debtors and/or collect payments due under such Mortgage Paper.

  • Bank shall have no duty as to the collection or protection of the Mortgage Paper nor as to the preservation of any rights pertaining thereto.

  • Within ten (10) days after the end of each calendar month, a status report on the Eligible Mortgage Paper containing the outstanding balance and payment history of each Eligible Mortgage Paper, and such other information as Bank may require, all in reasonable detail and certified to Bank to be true and correct by Borrower.

  • Borrower shall deliver to Bank at the time any Mortgage Paper is assigned to Bank by Borrower, any and all documents, reports and assessments Borrower has received that evidence the environmental safety and soundness of the real property relating to such Mortgage Paper.

  • Upon request of Lender, Borrower shall deliver to Lender at the time any Mortgage Paper is assigned to Lender by Borrower as provided in Section 6.14, true and correct copies of any and all lot purchase contracts or other purchase contracts relating to the purchase and sale of all or any part of the real property serving as collateral security for such Mortgage Loan, together with true and correct copies of any modifications or amendments to such purchase contracts.

  • Borrower and Guarantors acknowledge and agree that in order to obtain a partial release of the lien of the Mortgage from Bank, the minimum release prices the maker of the Eligible Mortgage Paper must pay to obtain a partial release of the lien of the Mortgage (the “Release Price”) must be of sufficient amount so as to keep Borrower in compliance with the Borrowing Base and that Bank must approve the Release Price as being of sufficient amount so as to keep Borrower in compliance with the Borrowing Base.

  • In addition, Borrower will certify in writing to Bank from time to time as and when requested by Bank that the Eligible Mortgage Paper included in the calculation of the Borrowing Base meets the criteria set forth in Section 1.06 of this Agreement for inclusion in the Borrowing Base.

  • Upon request of Lender, Borrower shall deliver to Lender at the time any Mortgage Paper is assigned and pledged to Lender by Borrower as provided in Section 6.14, all appraisals in Borrower’s possession or control relating to the property described in the related Mortgage.